Oman Air is mulling raising its share capital from 12 million riyals to 50 million riyals, according to a top executive.
Oman Air is mulling raising its share capital from 12 million riyals to 50 million riyals, according to a top executive.
"The idea is to generate funds for proposed expansion projects in the near future," said Abdulrahman Al Busaidy, chief executive, Oman Aviation Services Co. (OASC).
"The capital base at present is not enough to meet expansion projects. The private sector has evinced interest in investing in the company."
Shareholders of the airline, especially the government, have already approved the proposal. Other details are yet to be worked out.
The Omani government has a 34 per cent stake, while institutions and the investor public hold the rest.
OASC incurred a loss of 1.58 million riyals for the first half ending June this year against a 0.78 million riyal loss for the same period last year.
However, the company's revenues were higher at 29.38 million riyals from 27.13 million riyals.
Oman Air is all set to expand its operations with direct flights from Muscat to New Delhi and Hyderabad within the next 12 months.
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